UK tech gets £2.5bn injection
The UK government has unveiled a new £2.5 billion British Patient Capital programme to give tech companies access to long-term investment and a boost on the global stage.
The programme, launched via state-owned British Business Bank today (13 June), is expected to attract a further £5 billion in private investment according to the government.
The UK’s Prime Minister Theresa May says: “The measures we are announcing today will allow innovative British start-ups to invest in their future – and in the UK – by hiring more skilled people, expanding their business and exporting their expertise across the world.”
This new injection is part of a salvo of initiatives. They’re not limited to fintech, but it will certainly help our sector along the way.
A new start-up visa for entrepreneurs will launch in Spring 2019. This will replace a visa route which was exclusively for graduates, opening it up to business founders. This will include accelerators playing a role in the endorsement of candidates.
Roger Taylor will be announced as chair of the Centre for Data Ethics and Innovation, alongside a consultation on the role of the centre – a key part of plans for a new National Data Strategy.
In addition, two new tech hubs will be launched in Brazil and South Africa, to build partnerships and develop skills, capability and business networks in these markets.
There are other companies announcing investments.
Salesforce is “investing of $2.5 billion in the UK over the next five years”, which will include the opening of a second UK data centre in 2019.
UAE-based investment firm Mubadala is launching a £300 million European fund based in the UK.
NTT Data is investing £41 million to open a new office and innovation centre, creating up to 200 jobs over the next three years.
Some 2.1 million people are now employed in the digital tech economy and a new digital tech job is created in the UK every 50 minutes, according to new estimates released this week by Dealroom and Tech Nation.
As reported today, Tech Nation, the UK-based network for entrepreneurs, unleashed its first ever dedicated fintech programme as it calls for start-ups across the nation.
Incidentally, the UK government has been active in our fintech world.
Back in January, as an example, it was pushing new standards to keep the nation’s digital economy, cybersecurity and tech investment on track.